80 FR 28739 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend and Restate Certain Rules That Govern the NASDAQ PSX
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 96 (May 19, 2015)
Federal Register Volume 80, Issue 96 (May 19, 2015)
| Page Range | 28739-28740 | |
| FR Document | 2015-12031 |
[Federal Register Volume 80, Number 96 (Tuesday, May 19, 2015)] [Notices] [Pages 28739-28740] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-12031] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74954; File No. SR-Phlx-2015-29] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend and Restate Certain Rules That Govern the NASDAQ PSX May 13, 2015. On March 20, 2015, NASDAQ OMX PHLX LLC (``Phlx'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend and restate certain Phlx rules that govern NASDAQ OMX PSX in order to provide a clearer and more detailed description of certain aspects of its functionality. The proposed rule change was published for comment in the Federal Register on April 6, 2015.\3\ The Commission received no comment letters regarding the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 74618 (March 31, 2015), 80 FR 18452. --------------------------------------------------------------------------- Section 19(b)(2) of the Act \4\ provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may [[Page 28740]] designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day for this filing is May 21, 2015. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- The Commission is extending the 45-day time period for Commission action on the proposed rule change. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, pursuant to Section 19(b)(2) of the Act \5\ and for the reasons stated above, the Commission designates July 5, 2015, as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\6\ --------------------------------------------------------------------------- \6\ 17 CFR 200.30-3(a)(31). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-12031 Filed 5-18-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 96 / Tuesday, May 19, 2015 / Notices 28739
general to protect investors and the effective pursuant to Section 19(b)(3)(A) available for Web site viewing and
public interest. In particular, the of the Act 9 and Rule 19b–4(f)(6) printing in the Commission’s Public
proposed rule change removes thereunder.10 Reference Room, 100 F Street NE.,
impediments to and perfects the At any time within 60 days of the Washington, DC 20549 on official
mechanisms of a free and open market filing of the proposed rule change, the business days between the hours of
and a national market system because it Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of such
is similar with the continuous quoting temporarily suspend such rule change if filing also will be available for
standards in place on other options it appears to the Commission that such inspection and copying at the principal
exchanges. The Exchange believes the action is necessary or appropriate in the office of the Exchange. All comments
proposed rule change will not diminish, public interest, for the protection of received will be posted without change;
and in fact may increase market making investors, or otherwise in furtherance of the Commission does not edit personal
activity and liquidity on the Exchange the purposes of the Act. If the identifying information from
by establishing a quoting compliance Commission takes such action, the submissions. You should submit only
standard that is reasonable and is Commission shall institute proceedings information that you wish to make
similar to those already in place on to determine whether the proposed rule available publicly. All submissions
other options exchanges. Specifically, should be approved or disapproved. should refer to File Number SR–BOX–
the Exchange believes that the proposed 2015–19, and should be submitted on or
quoting requirements will encourage IV. Solicitation of Comments
before June 9, 2015.
greater participation by Market Makers Interested persons are invited to For the Commission, by the Division of
to provide quotes on the Exchange as submit written data, views, and Trading and Markets, pursuant to delegated
Preferred Market Makers. These arguments concerning the foregoing, authority.11
additional responses should encourage including whether the proposed rule Robert W. Errett,
greater competition on the Exchange, change is consistent with the Act. Deputy Secretary.
which should, in turn, benefit and Comments may be submitted by any of
[FR Doc. 2015–12029 Filed 5–18–15; 8:45 am]
protect investors and the public interest the following methods:
BILLING CODE 8011–01–P
through the potential for greater volume
Electronic Comments
of orders and executions.
• Use the Commission’s Internet
B. Self-Regulatory Organization’s SECURITIES AND EXCHANGE
comment form (http://www.sec.gov/
Statement on Burden on Competition COMMISSION
rules/sro.shtml); or
The Exchange does not believe that • Send an email to rule-comments@ [Release No. 34–74954; File No. SR–Phlx–
the proposed rule change will impose sec.gov. Please include File Number SR– 2015–29]
any burden on competition not BOX–2015–19 on the subject line.
necessary or appropriate in furtherance Self-Regulatory Organizations;
Paper Comments NASDAQ OMX PHLX LLC; Notice of
of the purposes of the Act. The
proposed rule change applies to all • Send paper comments in triplicate Designation of Longer Period for
Preferred Market Makers. Additionally, to Brent J. Fields, Secretary, Securities Commission Action on Proposed Rule
the proposed rule change is and Exchange Commission, 100 F Street Change To Amend and Restate Certain
substantially similar to the rules in NE., Washington, DC 20549–1090. Rules That Govern the NASDAQ PSX
place at other options exchanges,8 All submissions should refer to File May 13, 2015.
which the exchange believes may Number SR–BOX–2015–19. This file On March 20, 2015, NASDAQ OMX
enhance, rather than burden, number should be included on the PHLX LLC (‘‘Phlx’’) filed with the
competition among the options subject line if email is used. To help the Securities and Exchange Commission
exchanges. Commission process and review your (‘‘Commission’’), pursuant to Section
C. Self-Regulatory Organization’s comments more efficiently, please use 19(b)(1) of the Securities Exchange Act
Statement on Comments on the only one method. The Commission will of 1934 (‘‘Act’’) 1 and Rule 19b–4
Proposed Rule Change Received From post all comments on the Commission’s thereunder,2 a proposed rule change to
Members, Participants, or Others Internet Web site (http://www.sec.gov/ amend and restate certain Phlx rules
rules/sro.shtml). Copies of the that govern NASDAQ OMX PSX in
The Exchange has neither solicited submission, all subsequent order to provide a clearer and more
nor received comments on the proposed amendments, all written statements detailed description of certain aspects of
rule change. with respect to the proposed rule its functionality. The proposed rule
III. Date of Effectiveness of the change that are filed with the change was published for comment in
Proposed Rule Change and Timing for Commission, and all written the Federal Register on April 6, 2015.3
Commission Action communications relating to the The Commission received no comment
proposed rule change between the letters regarding the proposed rule
Because the proposed rule change
Commission and any person, other than change.
does not (i) significantly affect the
those that may be withheld from the Section 19(b)(2) of the Act 4 provides
protection of investors or the public
public in accordance with the that within 45 days of the publication of
interest; (ii) impose any significant
provisions of 5 U.S.C. 552, will be notice of the filing of a proposed rule
burden on competition; and (iii) become
operative for 30 days from the date on change, or within such longer period up
9 15 U.S.C. 78s(b)(3)(A). to 90 days as the Commission may
tkelley on DSK3SPTVN1PROD with NOTICES
which it was filed, or such shorter time 10 17 CFR 240.19b–4(f)(6). As required under Rule
as the Commission may designate if 19b-4(f)(6)(iii), the Exchange provided the 11 17 CFR 200.30–3(a)(12).
consistent with the protection of Commission with written notice of its intent to file 1 15 U.S.C. 78s(b)(1).
investors and the public interest, the the proposed rule change, along with a brief
2 17 CFR 240.19b–4.
description and the text of the proposed rule
proposed rule change has become change, at least five business days prior to the date 3 See Securities Exchange Act Release No. 74618
of filing of the proposed rule change, or such (March 31, 2015), 80 FR 18452.
8 See supra, note 3. shorter time as designated by the Commission. 4 15 U.S.C. 78s(b)(2).
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![28740 Federal Register / Vol. 80, No. 96 / Tuesday, May 19, 2015 / Notices
designate if it finds such longer period 19b–4 under the Act,3 which renders disqualification’’ as defined in the Act.
to be appropriate and publishes its the proposal effective upon receipt of The rule also requires a member to
reasons for so finding or as to which the this filing by the Commission. The report whenever the member or an
self-regulatory organization consents, Commission is publishing this notice to associated person of the member is
the Commission shall either approve the solicit comments on the proposed rule involved in the sale of any financial
proposed rule change, disapprove the change from interested persons. instrument, the provision of any
proposed rule change, or institute investment advice or the financing of
proceedings to determine whether the I. Self-Regulatory Organization’s any such activities with any person that
proposed rule change should be Statement of the Terms of Substance of is subject to a ‘‘statutory
disapproved. The 45th day for this filing the Proposed Rule Change disqualification’’ as defined in the Act.
is May 21, 2015. FINRA is proposing to amend FINRA The report must include the name of the
The Commission is extending the 45- Rule 4530 (Reporting Requirements) to person subject to the statutory
day time period for Commission action provide an exception from the disqualification and details concerning
on the proposed rule change. The requirements of paragraph (a)(1)(H) of the disqualification. In addition, the
Commission finds that it is appropriate the rule for dealings with a member or report must be submitted to FINRA
to designate a longer period within associated person subject to statutory within 30 calendar days after the
which to take action on the proposed disqualification, if that member or member knows or should have known
rule change so that it has sufficient time associated person has been approved (or of the event.
to consider the proposed rule change. is otherwise permitted pursuant to The definition of ‘‘statutory
Accordingly, pursuant to Section FINRA rules and the federal securities disqualification’’ under the Act
19(b)(2) of the Act 5 and for the reasons laws) to be a member or to be associated includes, among other events, findings
stated above, the Commission with a member. by the SEC, Commodity Futures Trading
designates July 5, 2015, as the date by The text of the proposed rule change Commission or a self-regulatory
which the Commission should either is available on FINRA’s Web site at organization that a person: (1) Willfully
approve or disapprove, or institute http://www.finra.org, at the principal violated the federal securities or
proceedings to determine whether to office of FINRA and at the commodities laws, or the Municipal
disapprove, the proposed rule change. Commission’s Public Reference Room. Securities Rulemaking Board rules; (2)
For the Commission, by the Division of willfully aided, abetted, counseled,
II. Self-Regulatory Organization’s commanded, induced or procured such
Trading and Markets, pursuant to delegated
authority.6
Statement of the Purpose of, and violations; or (3) failed to supervise
Statutory Basis for, the Proposed Rule another person who commits violations
Robert W. Errett,
Change of such laws or rules.5 Thus, for
Deputy Secretary.
[FR Doc. 2015–12031 Filed 5–18–15; 8:45 am] In its filing with the Commission, instance, a member is currently required
BILLING CODE 8011–01–P
FINRA included statements concerning to report under FINRA Rule
the purpose of and basis for the 4530(a)(1)(H) each time the member is
proposed rule change and discussed any involved in the sale of any financial
SECURITIES AND EXCHANGE comments it received on the proposed instrument, such as participating in a
COMMISSION rule change. The text of these statements selling syndicate or selling group, with
may be examined at the places specified a member that has been found to have
[Release No. 34- 74953; File No. SR–FINRA– in Item IV below. FINRA has prepared willfully violated the federal securities
2015–011]
summaries, set forth in sections A, B, laws. This would be true even if the
Self-Regulatory Organizations; and C below, of the most significant member that is subject to the willful
Financial Industry Regulatory aspects of such statements. violation has been approved, or is
Authority, Inc.; Notice of Filing and otherwise permitted pursuant to FINRA
A. Self-Regulatory Organization’s
Immediate Effectiveness of a Proposed rules and the federal securities laws, to
Statement of the Purpose of, and
Rule Change Relating to the Reporting continue in membership
Statutory Basis for, the Proposed Rule
Requirements of FINRA Rule notwithstanding the disqualification.6
Change For the following reasons, FINRA
4530(a)(1)(H)
1. Purpose believes that there is no regulatory value
May 13, 2015.
FINRA Rule 4530 requires members to
Pursuant to Section 19(b)(1) of the report to FINRA specified events, such
5 See 15 U.S.C. 78c(a)(39).
6 In general, persons subject to a statutory
Securities Exchange Act of 1934 as statutory disqualifications, and disqualification would be required to obtain
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 quarterly statistical and summary approval from FINRA to enter or remain in the
notice is hereby given that on May 5, information regarding written customer securities industry. A firm seeking to continue in
2015, Financial Industry Regulatory complaints.4 FINRA uses the membership, notwithstanding the existence of such
Authority, Inc. (‘‘FINRA’’) filed with the a disqualification, generally would be required to
information for regulatory purposes to file an MC–400A application with FINRA.
Securities and Exchange Commission
identify and initiate investigations of Similarly, a firm seeking to sponsor (i.e., employ or
(‘‘SEC’’ or ‘‘Commission’’) the proposed associate with) a disqualified person generally
firms, offices and associated persons
rule change as described in Items I and would be required to file an MC–400 application
that may pose a risk. with FINRA. However, as described in Regulatory
II below, which Items have been FINRA Rule 4530(a)(1)(H) requires a Notice 09–19 (April 2009), a firm would not be
prepared by FINRA. FINRA has member to report whenever the member required to file an application for approval for
designated the proposed rule change as itself or an associated person of the specific disqualifying events. For instance, a firm
tkelley on DSK3SPTVN1PROD with NOTICES
constituting a ‘‘non-controversial’’ rule member is subject to a ‘‘statutory that is subject to a statutory disqualification based
change under paragraph (f)(6) of Rule on a willful violation of the federal securities laws
would not be required to file an MC–400A
3 17CFR 240.19b–4(f)(6).
5 15
application with FINRA if the sanction is no longer
U.S.C. 78s(b)(2). 4 Thespecified events and customer complaint in effect. Such a firm would be permitted to
6 17 CFR 200.30–3(a)(31). information must be electronically reported to continue in membership notwithstanding the
1 15 U.S.C. 78s(b)(1).
FINRA via an application on FINRA’s Firm disqualification and without having to file an
2 17 CFR 240.19b–4. Gateway. application with FINRA for approval.
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Document Created: 2015-12-15 15:29:37
Document Modified: 2015-12-15 15:29:37
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 28739 |
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